Total value locked across DeFi protocols has reached approximately $90 billion, with Ethereum holding 58.8% of that total at $53.35 billion while Solana has become the second-largest chain by TVL after overtaking TRON in 2024.
Ethereum at $53.35 billion is dominant but not growing its share dramatically. The 58.8% figure is only modestly higher than the roughly 57% Ethereum held a year ago. The absolute value has grown with rising asset prices and protocol expansion, but Ethereum’s relative share of DeFi has been remarkably stable over the past year despite significant competition from every chain below it on the list.
Solana at $6.53 billion and 7.2% is the headline shift of the past cycle. It overtook TRON in 2024 to become the second-largest DeFi chain by TVL and has held that position through the current correction. For context, the Solana weekly ecosystem update covered earlier this week showed a network adding national bank integrations, government visa programs, and AI agent infrastructure while maintaining that TVL position through a market-wide drawdown. The TVL number reflects the underlying activity.
BNB Chain at $5.55 billion and 6.1% has held the 5-6% range for over a year. Stability here is its own story: BSC captured a large DeFi user base through low fees in the 2021 to 2022 period and has retained it without dramatic growth or contraction.
Bitcoin’s $4.38 billion in DeFi TVL represents 4.8% of the total, but the more striking figure is what that represents relative to Bitcoin’s total market cap. Less than 0.5% of all Bitcoin value is deployed in DeFi. Every other major chain has a meaningfully higher proportion of its market cap in DeFi relative to total network value.
That gap reflects both the technical barriers to Bitcoin DeFi, which require wrapping or bridging mechanisms that add friction and counterparty risk, and the cultural reality that a significant portion of Bitcoin holders are long-term holders who have no interest in deploying their coins into yield-generating protocols. The $4.38 billion that has found its way into Bitcoin DeFi represents a small but growing cohort that is willing to accept that tradeoff.
TRON at $4 billion and 4.4% was the second-largest DeFi chain before Solana overtook it. Its TVL has remained relatively stable, but losing the second-place ranking to Solana is a structural shift. TRON’s strength has historically been in stablecoin transfer volume rather than DeFi complexity, and that use case remains intact even as its relative DeFi position has declined.
Base at $3.87 billion and 4.3% is the most remarkable entry given its timeline. Coinbase’s L2 launched in 2023 and is now sitting $130 million behind TRON in TVL, a chain that has been running since 2018. Base overtook Arbitrum as the top L2 by TVL in late 2024 and has continued growing.
Plasma at $2.23 billion and 2.5% launched in late 2025 and arrived with $2 billion in liquidity on its first day. That kind of launch-day TVL reflects pre-coordinated institutional liquidity commitments rather than organic user growth, but it placed Plasma immediately among the top DeFi chains by TVL from day one.
Arbitrum at $2.01 billion and 2.2% was the dominant L2 by TVL until Base overtook it in late 2024. It has declined to 2.2% of total DeFi TVL from a position that, in 2023, represented a much larger share. The L2 competition story has not been kind to first-mover advantage.
Polygon at $1.13 billion and 1.2% was a top-three L2 in 2023. It now sits at the bottom of the named chains in this dataset. The decline from top-three to sub-1.5% TVL share over two years reflects a significant loss of DeFi developer and user attention to competitors.
The total DeFi TVL at $90 billion is meaningful context for the current market environment. Assets are down significantly from cycle highs. Fear is at historical extremes. And yet $90 billion remains actively deployed in DeFi protocols across 100-plus chains. Capital has not left the ecosystem. It has repriced inside it.
The 8.5% spread across “Others,” representing $7.68 billion across more than 100 chains, reflects a long tail of protocol activity that doesn’t register individually but adds up to a significant portion of total deployment. DeFi is not a three-chain story. It’s a top-ten chains story with a substantial long tail that collectively matches some of the major players.
